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A title loan company provides loans to consumers with no or poor credit history. In exchange for the possession of a car’s title, you provide the consumer with a cash loan. You set an interest rate for the customer to pay back the money in monthly installments. The consumer is allowed to keep the car, but does not receive the title back until the loan is paid off in full. If your title loan company is struggling, you can increase sales by offering customer incentives and competitive loan rates.

1.

Speed up your processing rate. One of the reasons a consumer turns to a title loan company is to get money quickly. Aim to keep processing of a title loan down to one to two days after application.

2.

Give a fair value loan for the car title. The loan amount offered to an individual is based on how much the car is valued out. Improve your company’s reputation by using industry standard publications to appraise vehicles.

3.

Reduce loan rates to draw in customers. Title loan companies are sometimes frowned upon due to their very high interest rates. If your business is struggling, check out the rates your competition is offering and drop the annual percentage rate on loans offered through your company.

4.

Launch a referral program. If you need to increase business, consider rewarding customers who refer others to your business. Referrals can earn customers cash back on their loans or you can purchase promotional products to give to loyal customers.

5.

Increase the length of loan repayment. Car title loan companies may only give money for up to a month. Broaden your customer base by offering more payback options on the loans.

6.

Market your title loan company aggressively. Your advertising campaign should point out the features that are most likely to draw individuals to a title loan company. Ads should emphasize that customers are able to get loans quickly and without a credit check.

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About the Author

Heather Topham Wood is a seasoned writer whose work has appeared in numerous publications, including USA Today, Gadgetell, Feel Rich and Step in Style. Heather is a published novelist with six Amazon bestsellers and a contract through Crescent Moon Press. She holds a bachelor's degree in English from TCNJ.

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Topham, Heather. "How to Increase Sales for a Title Loan Company." Small Business - Chron.com, http://smallbusiness.chron.com/increase-sales-title-loan-company-26274.html. Accessed 21 January 2019.

Topham, Heather. (n.d.). How to Increase Sales for a Title Loan Company. Small Business - Chron.com. Retrieved from http://smallbusiness.chron.com/increase-sales-title-loan-company-26274.html

Topham, Heather. "How to Increase Sales for a Title Loan Company" accessed January 21, 2019. http://smallbusiness.chron.com/increase-sales-title-loan-company-26274.html

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